Bloomberg reported that a retired petroleum engineering professor who took the witness stand in BP’s defense claims said the crew and managers took “extreme care to follow all the safety procedures” in drilling the Macondo oil well.
Bloomberg reported that Transocean Ltd. won court approval of its proposed $1B settlement with the United States for the pollution caused by the oil-rig explosion in the Gulf of Mexico in 2010.
Although Chevron was fined $28 million and had its drilling rights in Brazil suspended for the recent offshore oil spill at their Frade field, some industry experts suggest the company will be able to avoid a long-term ban.
British Petroleum (NYSE:BP) has won approval from the U.S. government for the latest step to start pumping cement into its damaged Gulf of Mexico oil well and the company is currently in a disagreement over a regulatory filing that could indemnify or limit the liability of a company’s contract from penalties and liabilities other than for contamination resulting from operations controlled by the rig owner on or above the surface of the water.
The oil spill liability could extend well beyond British Petroleum as Transocean Ltd., Halliburton Co. and Cameron International Corp. all had some exposure to this series of current events.
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